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GSK to be hit hard due to Avandia

3rd February 2011

Drug manufacturer GlaxoSmithKline has set aside £2.2bn ($3.4bn) in the fourth quarter of 2010 to cover legal costs ahead of charges relating to its diabetes drug Avandia, and a federal investigation into the company’s sales and promotional practices for nine other products in the United States.

Avandia was banned in Europe last year while the US restricted its use because of a suspected link to heart disease. The charge is in addition to a £1.57bn charge GSK announced in July to cover various legal settlements, including claims over Avandia, as well as antidepressant Paxil.

 

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